Fortune Brand's decision to split into three independent businesses is the first step to unlocking the full value of the firm's portfolio, however it seems investors may need patience if they are to understand the true value of the separation, analysts wrote this week.

The writing has been on the walls of Fortune Brands' offices in Illinois for about two months. The conglomerate's confirmation yesterday that it will split up its three business units was clear to see back in October, when hedge fund firm Pershing Square Capital Management announced it had upped its stake in Fortune to 11%. Considering Pershing's previous history of pushing companies to sell off corporate divisions, one can understand that the countdown on Fortune began very soon after Pershing's announcement.

Fortune Brands this morning (8 December) confirmed that it will break up its three business units and will look to become "focused solely" on its Beam Global Spirits & Wine division. Here just-drinks takes a closer look at the firm's wine and spirits division.